Real Estate Terms C

Cape Cod Colonial - A single-story house characterized by a steep roof with gables made popular in New England.

Casita - an attached, separate complete living space with its own entrance. Also known as mother-in-law quarters.

Caveat Emptor - A Latin phrase that literally translated means ''Let the buyer beware.'' A common business tenet whereby the buyer is responsible for verifying all claims made by the seller of property.

Certificate of Reasonable Value (CRV) - Issued by the Veterans Administration on real estate that is purchased using a VA loan after the appraisal has been completed on the property.

Certified International Property Specialist (CIPS) - Certification given by the National Association of Realtors® designating a specialization in the international real estate market. Currently there are only 1,500 real estate professionals around the world that hold this designation.

Certified Property Manager (CPM) - Certification given by the National Association of Realtors® signifying additional education in the area of property management in residential, commercial and industrial real estate.

Certified Residential Specialist (CRS) - Certification given by the National Association of Realtors® based on past sales and the completion of additional educational courses.

Chain of Title - The record of the title transfers of a piece of property over the years.

Clear Title - A title that is free and clear of any questions as to ownership of the property. See Cloud on Title.

Coffered Ceiling - a ceiling decorated with square (sometimes ornate) recessed panels bordered with trim for ornamental purposes. In the home, coffered ceilings are found in a den or library.

Closing- In Nevada it refers to a real estate transaction when the documents record at the Clark County recorder's office.

Closing Costs - There are two types of closing costs, pre-paid and non-recurring closing costs. Pre-paid are costs that reoccur over time, such as insurance premiums and property taxes. Non-recurring closing costs are costs incurred only once as a result of purchasing the property or obtaining a loan, like a loan origination fee.

Cloud on Title - A title that has a lien placed against it, or ongoing legal dispute regarding ownership of the property.

Commission - Monies paid (usually by the seller) to the realtors involved in a transaction for the work they have done. It is traditional in Nevada that the commission for a buyer's agent is paid by the home seller, not the home buyer.

Common Area Assessments - Fees paid to the HOA by the individual owners of units in a condo building or planned unit development. Said fees are used for general upkeep and maintenance of the common areas of the property. Also called Homeowners Association Fees or Dues.

Common Areas - Areas that are owned (or managed) by a condo or planned unit development (PUD) homeowners' association that are used by all of the unit owners. Owners share in the common expense of their maintenance. Common areas include hallways, parking areas as well as swimming pools, club house, tennis courts and other recreational areas.

Community Property - Term relating to all property that is considered to be jointly owned by a married couple that was acquired during their marriage. There are some exceptions to the rule if there are special circumstances involved.

Comparable Sales (COMPS) - The use of other recent sales of nearby similar properties to determine fair market value of a property.

Condo Conversion - A condo conversion is where an apartment building that housed only rental units has been remodeled and converted into condominiums for sale.

Condo Hotel - A hotel property that has individual condominiums for sale. Owners of the condos own them outright, and may elect to rent them out (usually thru the onsite hotel management company) when they are not in use. The Cosmopolitan, Platinum and MGM Grand Signature are condo hotels.

Contingency - A condition in a contract that must be met before it is legally binding. For example, home buyers often include a contingency that specifies that the contract is not binding until the home appraisal is completed and the appraisal meets/exceeds the purchase price of the property.

Contract - An agreement generally in writing, to do or not to do a certain thing.

Conveyancing - The legal procedure required to transfer ownership of a property from one party to another.

Cooperative (co-op) - Residents of a condominium or other type of multiple unit housing community that own shares in the cooperative corporation that owns the property.